Student debts ‘triple in ten years’

The Student Loans Company is set to reveal that the likely average debt burden for students who start their studies this autumn will be close to Â£30,000 by the time they leave university.

And fears are being raised that a debt solution might increasingly difficult for graduates to find as they enter the workplace, with figures show that student debts now take the majority of people until their 30s to pay-off in full.

“We have not seen nearly enough consideration given to the longer-term impacts of fees and massive debt levels for the current system to be vindicated,” Wes Streeting, vice president of the National Union of Student, told the Telegraph.

Meanwhile, debt management problems prompted more than 13,000 UK consumers to enter an Individual Voluntary Arrangement during the first quarter of this year, according to figures from the Insolvency Service.

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ClearDebt proposes and administers Individual Voluntary Arrangements (IVAs). We only provide advice on the basis that there is reasonable contemplation of an insolvency appointment, once it is apparent that an IVA is likely to be the most appropriate debt solution.